How to Pay for Senior Care - Reverse Mortgages

When you are looking for ways to pay for senior care, don't discount the Reverse Mortgage option. Many people remember the old days when reverse mortgages were not the best deal. However a lot has changed and you need to know about it!

Reverse mortgages are not for everyone, but if they do work for you, why not use your home's equity!

We work with Mike Kennedy from iReverse. He is a great resource and has been in the industry for many years now.

Here is what Mike has to say:

REVERSE MORTGAGE

Put your home’s equity to work for you

A reverse mortgage is a special type of loan that enables individuals age 62 or older to convert some of their home’s equity into tax-free funds. Unlike traditional equity loans, the customer receives payments instead of making them. Homeowner(s) 62 or older who occupy the property as their primary residence qualify. Benefits include that the customer retains ownership and lives in the house. Reverse mortgage proceeds can be used for any purpose including paying off an existing mortgage, meeting ordinary expenses or covering health care expenses. Proceeds are not income, not taxable and don’t affect Social Security or Medicare benefits. Cash can be received in a lump sum, fixed monthly checks, line of credit or any combination. The reverse mortgage is not repaid as long as one of the customers continues to live in the home, keeps the taxes and insurance current and maintains the property. When the home is no longer the primary residence it becomes due and payable within twelve months, usually paid by selling the home.

We have had many clients through the years who have either already had a reverse mortgage or have worked with Mike to get a reverse mortgage and are extremely happy with their decision. Home is where most seniors want to stay, so why not use your main asset to keep you there.

For more information, or to schedule a complimentary consultation, call: